• July 22, 2024
  • Trade ideas

EURUSD: The Wolfe Wave Pattern

EURUSD, Daily

EURUSDDaily.png

On the Daily timeframe, EURUSD is forming the Wolfe Wave pattern within an ascending channel. The take profit target will be at the level on the line 1 – 4.

  • If the price rebounds off the 1.0890 support, it may rise to the upper border of the channel and reach the 1.0950 level.
  • However, if the asset breaches below the support, it may fall to the 1.0740 level.
  • Further declines could push the price towards 1.0500.
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Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Timur Yurdagyul